President-elect Yoon, Following Reconstruction, May Also Ease Regulations on 'Multi-Homeowners'

President-elect Yoon Suk-yeol is delivering a greeting at the Economic Subcommittee 2 and Ministry of Land, Infrastructure and Transport briefing held at the Presidential Transition Committee in Tongui-dong, Jongno-gu, Seoul, on the afternoon of the 25th. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kim Min-young] President-elect Yoon Seok-yeol has announced plans to ease regulations on multi-homeowners. He made a surprise appearance at the Ministry of Land, Infrastructure and Transport (MOLIT) briefing, suggesting that the Moon Jae-in administration's real estate policies actually fueled the rise in housing prices and hinted at regulatory relaxation.

On the 25th, President-elect Yoon Seok-yeol personally attended the MOLIT briefing held by the Economic Subcommittee 2 at the Presidential Transition Committee office in Tongui-dong, Jongno-gu, Seoul, stating, "Ultimately, policies that ignored market principles have exacerbated the tremendous rise in housing prices." This was the first time Yoon attended a ministry or agency briefing during the transition committee process.

His attendance is interpreted as a move to address criticism regarding the absence of real estate experts among the transition committee members and the perceived neglect of real estate issues. In fact, Yoon explained his reason for attending the MOLIT briefing by saying, "I do not usually get involved in the transition committee's briefing process, but housing issues are of great public interest and importance, so I decided to attend."

At the meeting, Yoon expressed his intention to ease the excessive regulations on multi-homeowners. He said, "Opinions on regulations for multi-homeowners vary slightly, but ultimately, sales are related to the market," adding, "We need to examine more carefully whether it is appropriate to impose excessive regulations just because someone owns multiple homes."

During his presidential campaign, Yoon promised to reduce the publicly announced property prices, which serve as the basis for calculating holding taxes (property tax + comprehensive real estate tax), to the 2020 level, and to temporarily exclude the heavy capital gains tax on multi-homeowners for two years. He also pledged to reconsider the heavy taxation policy on multi-homeowners during the comprehensive reform of real estate tax systems.

Yoon told the transition committee members and MOLIT, "Please address these issues not in a micro (detailed) manner but in relation to the overall economy," and added, "Please produce beneficial results so that the public can feel reassured about the direction of the next government's housing policy."

This content was produced with the assistance of AI translation services.